Porsche models are displayed at the Seoul Mobility Show at the KINTEX exhibition hall in Goyang, just northwest of Seoul, on March 31, 2023. (Yonhap)
SEOUL, April 10 (Korea Bizwire) — South Korea is becoming a ferocious battlefield of high-end imported cars after setting a new sales records this year.
Porsche AG sold 2,966 vehicles in South Korea for the first quarter of this year, the most it has sold in a single quarter since 2014 when the company launched its Korean operations, according to the data from the Korea Automobile Importers and Distributors Association (KAIDA).
When the German carmaker established its Korean branch, it sold an average of 700 units every quarter. Now, sales have more than quadrupled over the past nine years.
Last year, Porsche sold a total of 8,963 cars, setting a new sales record.
Toyota Motor Corp.’s independent brand Lexus sold 1,344 units in February and 1,376 units in March of this year, led by thawing South Korea-Japan relations.
Sales were up by 183 percent and 148 percent compared to the same months last year.
British luxury carmaker Bentley Motors Ltd. sold 775 vehicles in South Korea last year, rising as a bestseller in the Asia-Pacific region and setting a new sales record in South Korea for the second year in a row.
The Mercedes-AMG SL63 Roadster is showcased at the Seoul Mobility Show 2023 at KINTEX in Goyang, northwest of Seoul, during the show’s media day on March 30, 2023. (Yonhap)
Heads of foreign carmakers are visiting South Korea to woo customers.
Bentley set up the world’s first Bentley Cube, the brand’s flagship retail showroom, in South Korea. Last month, high-ranking staff including Chairman and Chief Executive CEO Adrian Hallmark visited the country.
Rolls-Royce Motor Cars Chief Executive Torsten Muller-Otvos also visited South Korea last month to celebrate the auto brand’s new sales record in the local market.
Ferrari NV chairman John Elkann will also be visiting South Korea on Tuesday.
“South Korea has a low barrier for imported cars purchased by corporations, and private leases are well established. We are beginning to witness rising inequality in the imported car market with expanding economies of scale,” said Kim Pil-soo, a professor of automotive engineering at Daelim University.
“South Korea sees cars not only as practical modes of transportation but also as luxury goods to boast one’s reputation, which probably has also contributed to the popularity of imported car brands.”
H. M. Kang (hmkang@koreabizwire.com)
